Labor to bring banking bills to parliament

Federal Labor has drawn up three bills to deal with the banking royal commission recommendations it says parliament should deal with straight away.

The proposed laws would remove grandfathered commissions for financial planners from January 1, 2020, immediately ban the exploitation of indigenous people through the selling of funeral insurance, and ensure banks co-operate promptly with the Australian Financial Complaints Authority.

They would also remove point-of-sale exemptions for credit sales such as car loans, and remove an exemption that means the corporate regulator has no oversight of insurance claims.

"It's now the time for the parliament to debate the law and get on with protecting people so no-one suffers now because we have a part-time parliament," leader Bill Shorten told reporters in Canberra on Tuesday.